PRINTPACK INC. (B2/B+) said Tuesday (Feb. 12) that it has engaged BancOne Capital Markets Inc. to arrange and syndicate a $400 million bank credit facility. The Atlanta-based producer of flexible packaging said the primary purpose of the facility will be to redeem the company's outstanding 9 7/8% senior notes due 2004 and 10 5/8% senior subordinated notes due 2006 (the company issued $200 million of the subordinated notes and $100 million of the senior notes in August, 1996). Printpack, which said the new facility would also replace its existing bank line, said that it expected the bank facility and the related redemption of the existing notes would take place in late March or early April. It said closing of the new facility would be subject to receipt of sufficient commitments from participating lenders, and the execution of mutually satisfactory documentation.

TESORO PETROLEUM CORP. (TSO) (B1/BB-) said Tuesday (Feb. 12) that it had extended the expiration deadline of its previously announced offer to exchange newly issued Series B 9 5/8% senior subordinated notes due 2008, which have been registered for public trading under the Securities Act of 1933, for the outstanding notes, which were sold in a private placement. The San Antonio-based petroleum refiner, said the offer would now expire at 5 p.m. ET on Feb. 19. The company said that it has so far received $212.9 million of the $215 million of outstanding notes.

KEYSTONE CONSOLIDATED INDUSTRIES INC. (KESN) (Caa3/D) said Monday (Feb. 11) that it had distributed an exchange offer to all holders of its $100 million of 9 5/8% senior secured notes. The Dallas-based maker of fencing and wire products said the holders can exchange notes for either a discounted amount of cash and common stock (subject to an aggregate limit for holders electing such option); or for new Keystone preferred equity and subordinated debt securities; or for Keystone subordinated unsecured debt securities. The company said that holders representing 92% of the principal amount of the 9 5/8% notes have previously committed to support a plan to achieve an out of court restructuring of Keystone's obligations. Holders will have until March 12 to tender their notes for exchange. The exchange offer is subject to, among other things, the success of continuing efforts to renew or replace existing revolving credit facilities, securing new term financing, reaching agreement on a proposed subordinated loan from the State of Illinois and satisfactory restructuring of other obligations of Keystone, as well as attaining a specified level of participation in the exchange offer. The company cautioned that "no assurance can be given that all of these efforts will be successful."

SIX FLAGS, INC. (PKS) (B3/B) said Monday (Feb. 11) that it had completed its previously announced $480 million private offering of 8 7/8% senior notes due 2010, the proceeds of which are to be used to redeem $450 million (face amount) of outstanding bonds due 2006. It said that notice of the redemption has been delivered, and that following the redemption, the company would have no public debt maturities before 2007 outstanding. AS PREVIOUSLY ANNOUNCED, Six Flags, a New York-based operator of amusement parks and theme parks, said on Jan. 31 that it would sell approximately $480 million of senior notes in a Rule 144A placement, and would use the net proceeds of the offering to repay principal and premium on all $280 million aggregate principal amount of its 9 ¼% senior notes due 2006 and all $170 million aggregate principal amount of the 8 7/8% senior notes due 2006 issued by its primary operating subsidiary, SIX FLAGS OPERATIONS INC. Six Flags said it intends to call the existing notes for redemption immediately following the closing of the offering of its new senior notes, and to redeem the existing notes on Apr. 1, the first date on which the existing notes are permitted to be redeemed in accordance with the terms of their indentures. Later in the session on Jan. 31, high yield market sources heard that Six Flags had sold the $480 million of new notes.

CONSOLTEX INC. (nr/nr) said Monday (Feb. 11) that it had extended the expiration deadline for its previously announced exchange offer for its outstanding 11% Series B senior subordinated notes due 2003 to 5 p.m. ET on Feb. 11 from the previous Feb. 8 deadline. As of Feb. 7, $85.23 million of the notes, or 71.025% of the outstanding amount, had been tendered under the offer. AS PREVIOUSLY ANNOUNCED, Consoltex, a Quebec, Canada-based textile and packaging company, and New York-based affiliate CONSOLTEX (USA) INC., said Jan. 10 that they had begun an exchange offer for the company's outstanding 11% Series B senior subordinated notes due 2003, and a related solicitation of noteholder consents to proposed waivers and indenture amendments. They initially set the expiration deadline for the exchange offer at 5 p.m. ET on February 8, which was subsequently extended, and set 5 p.m. ET on Jan. 30 as the now-expired consent deadline, both subject to possible extension. Consolotex said on Feb. 8 that it had received sufficient noteholder consents to proposed waivers and indenture amendments by the consent deadline, and also indicated the likelihood that the exchange offer might be extended for "a couple of days" beyond the original deadline. The company said that holders of the existing notes were offered a choice of two packages of new 11% senior subordinated pay-in-kind notes due 2009 and cash. One is for $935 principal amount of the new notes per $1,000 principal amount of the existing notes, plus an additional $55 of the new notes for all of the accrued, but unpaid interest on the existing notes through the date of the exchange offer. The other is for $573.63 principal amount of new notes plus $46.38 in cash per $1,000 principal amount of the existing notes, plus $33.74 principal amount of the new notes for the accrued and unpaid interest on the existing notes. Interest on the new notes will be payable either in cash or in additional notes, at the company's option, starting with the April 1 payment and continuing through April 1, 2005, and will be payable in cash after that. Consoltex Inc., and Consoltex (USA) are both subsidiaries of Consoltex Holdings Inc., which in turn is wholly owned by AIP/CGI Inc., which also holds 28.875%of the outstanding existing notes. The exchange offer is subject to conditions, including the tender of at least 95% of the notes not held by AIP/CGI by the expiration date, and the now-fulfilled condition of delivery of consents to the proposed indenture amendments and waivers by the holders of at least a majority of the non-AIP/CGI notes by the consent deadline. If the minimum tender is received and certain other conditions are satisfied or waived, AIP/CGI has agreed to contribute its existing notes to Consoltex Holdings, which will in turn contribute the notes to Consoltex Inc. and Consoltex (USA), in exchange for Consoltex common shares and contributed surplus of Consoltex (USA). Such a transaction would take place promptly after the expiration deadline. Consoltex further said that in December, it entered into agreements with the holders of 70.83% of the existing outstanding notes not held by AIP/CGI, under which the company agreed to begin the tender offer and consent solicitation, and those noteholders agreed to tender their notes and deliver the required consents. The proposed waivers the noteholders are being asked to agree to would waive all defaults under the existing indenture, including Consoltex's default for failure to make the Oct. 1 interest payment on the notes, and for failure to file a quarterly report with the Securities and Exchange Commission for the quarter ended Sept. 30, 2001. The proposed amendments would eliminate substantially all of the restrictive covenants in the existing indenture and would release the subsidiary and parent guarantees of the existing notes. If the exchange offer and consent solicitation are completed, any existing notes not tendered for exchange will not be affected by the payment default waiver, but will be subject to the reporting default waiver and the proposed amendments. Holders who tender their notes under the offer are automatically deemed to have also delivered their consents to the proposed waivers and indenture changes, and vice versa. A previously delivered consent may be revoked only by withdrawing the tender of the related existing notes under terms of the tender offer. Existing notes tendered prior to the consent deadline may be withdrawn (and the related consent therefore revoked) at any time up to the consent deadline, but not afterward. Existing notes tendered after the consent deadline may be withdrawn (and the related Consent therefore revoked) at any time prior to the expiration of the exchange offer. Consoltex's obligation to accept for exchange any validly tendered existing notes is subject to, among other customary conditions, the receipt of the minimum tender and the minimum consent, the execution and delivery by the issuers and other relevant parties of a supplemental indenture putting into effect the proposed waivers and amendments, and the Proposed New Credit Facility. The exchange agent for the exchange offer and consent solicitation is U.S. Bank, N.A.

AFTERMAKET TECHNOLOGY CORP. (ATAC) (B2/B) said Monday (Feb. 11) that it had entered into an agreement with a new credit facility with a group of banks led by JPMorgan Chase and Credit Suisse First Boston. The company said part of the $170 million term loan component of the $220 million facility (the remainder is $50 million of revolving credit) will be used to redeem or repurchase a portion of Aftermarket's 12% subordinated notes due 2004, with the rest of the term loan proceeds to be used to retire the company's current senior credit facility. The balance of the subordinated notes will be redeemed or repurchased from the proceeds of the company's previously announced public stock offering. The company gave to timetable for the expected redemption or repurchase of the subordinated notes. AS PREVIOUSLY ANNOUNCED, Aftermarket Technology, a Westmont, Ill.-based high-tech and electronics manufacturer, said Dec. 20 that it had filed a registration statement with the Securities and Exchange Commission, for a proposed public offering totaling 6 million shares of its common stock. The company said it expected to use the net proceeds from the sale of shares to purchase or redeem a portion of the its 12% senior subordinated notes due 2004 (The amount of notes estimated outstanding is thought to be $160 million, issued in two tranches as "Series B" ($120 million in Feb. 1995) and "Series C" ($40 million in May, 1995). Aftermarket Technology did not outline a timetable for either the stock sale or the note redemption. Of the shares to be sold, 2.4 million will be offered by the company and 3.6 million by certain stockholders. In addition, the selling stockholders propose to grant to the underwriters an option to purchase up to 900,000 additional shares of common stock for the purpose of covering over allotments, if any. Morgan Stanley is the lead manager for the stock offering, while Merrill Lynch & Co. is the co-manager.

ADVANTICA RESTAURANT GROUP, INC. (DINE) (B3/C) said on Monday (Feb. 11) that it had extended its previously announced exchange offer for its existing 11.25% senior notes due 2008 to 5 p.m. ET on Feb. 12, subject to further extension, from the previous Feb. 8 deadline. It said that so far, approximately $64.1 million of the existing notes had been tendered under the exchange offer. AS PREVIOUSLY ANNOUNCED, Advantica, a Spartanburg, S.C.-based restaurant chain operator, said Jan. 3 that it was offering to exchange up to $204.1 million of registered 12.75% senior notes due 2007, to be jointly issued by its DENNY'S HOLDINGS, INC. subsidiary and Advantica, for up to $265 million of the outstanding $529.6 million of existing 11.25% notes. The offer was originally scheduled to expire at 5 p.m. ET on Feb. 1, but the deadline was subsequently extended. Advantica said it would offer $770 principal amount of the new notes per $1,000 principal amount of the old notes, plus accrued and unpaid interest in cash. Completion of the exchange offer would be conditioned on a minimum amount of $160 million of the existing old notes having been validly tendered, up to a maximum tender amount of $265 million. Advantica said that in the event that the existing notes tendered were to exceed the maximum amount, the company would allocate the New Notes on a pro-rata basis. UBS Warburg LLC is acting as the dealer manager in the exchange offer. MacKenzie Partners, Inc. (800 322-2885). U.S. Bank NA is serving as the exchange agent.

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